HM Treasury has set out reforms to Great Britain’s credit union membership rules designed to broaden access to credit unions’ low-cost borrowing and savings products by making it easier for more people to join. The changes focus on the “common bond” requirements that define who can become a member. For locality-based credit unions, the government will raise the cap from three million to 10 million potential members, aiming to support growth and mergers. Students will be able to join locality-based credit unions alongside people who live or work in the area, eligibility will expand to more relatives and household members, and members will be able to stay with or join their credit union after retirement as full members. The reforms follow a call for evidence on common bond rules launched after the Chancellor’s first Mansion House speech and sit alongside the government’s Financial Inclusion Strategy work on bank account access, savings and financial education.
HM Treasury 2026-03-18
HM Treasury raises Great Britain credit union common bond cap to 10 million and widens membership eligibility
HM Treasury announced reforms to broaden access to credit unions in Great Britain by easing "common bond" membership rules. The cap for locality-based credit unions will increase from three million to 10 million potential members, expanding eligibility to include students, more relatives, and household members. These changes align with the government's Financial Inclusion Strategy to enhance access to financial services.